Norwegian close to deal on ICBC leases
Scandinavian airline’s examinership continues
The troubled Scandinavian carrier and four Irish subsidiaries have High Court protection from creditors. Photograph: iStock
ICBC leased 10 aircraft to the group, which were held by NAS’s Irish-based subsidiaries.
Irish lessor Aercap indicated that it would not be opposing Norwegian’s application to end leases over aircraft the Dublin-based company has supplied to the airline.
NAS is going through examinership, a court-supervised mechanism for rescuing insolvent or troubled companies, in the Republic, as subsidiaries registered here hold its aircraft.
The airline is asking asked the court to repudiate contracts including aircraft leases. This involves ending these agreements with settlements covering both the period of the examinership and payments due before Mr Wallace’s appointment in November.
Creditors who have their agreements terminated in this way will receive the same dividend as that agreed by the examiner with all other claimants, on any outstanding debt due under those deals.
Mr Justice Michael Quinn is continuing to hear Norwegian’s applications to end outstanding leases and agreements with various parties.